FX.co ★ China's New Yuan Loans Rise More than Expected

In March 2025, Chinese banks issued CNY 3,640 billion in new yuan loans, significantly surpassing the CNY 1,010 billion recorded in February and exceeding the anticipated CNY 3,000 billion. The People's Bank of China, however, does not offer monthly breakdowns of this data. Concurrently, the money supply experienced a 7.4% year-on-year increase in March, marginally higher than February's figures and the market's forecasted 7.3% growth. The total social financing—a comprehensive metric of credit and economic liquidity that encompasses off-balance sheet financing channels such as initial public offerings, trust company loans, and bond sales—rose considerably to CNY 5,890 billion from February's adjusted figure of CNY 2,230 billion, though it remained below January's record peak of CNY 7,060 billion.